Daily FX Wrap Up

The release of the US unemployment numbers were over all positive however, the initial reaction was bearish for the US Dollar. The EUR/USD pair drastically rose coming out of the gate with a 95-pip rally, reaching a high of 1.3365. With in minutes of the high a reverse happened, which dropped the pair by 165 pips before leveling off at 1.3200, which is near technical support levels. This gave much havoc for smaller traders that would have been stopped out by a large and unexpected counter trend move. Looking at the other majors, the Yen bounced on 115 support levels in its pairing with the Dollar, but the greenback push to 116.50. Finally and well of its yearly high, the British Pound was stopped flat on a run to 1.9730 and cascaded 215 points to reach the low of the day. Looking into next week, Wholesale Inventories, Treasury Budget, Retail Sales and Crude Inventory figures will be released with a host of other economic news. XPRESSTRADE Analyst David Hilgeman